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Failed Bank Report:
FDIC Insured
Savings Accounts at Failed Banks Unclaimed Bank Accounts, CDs and Safe Deposit Boxes |
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Failed Bank Report:
FDIC Insured
Savings Accounts at Failed Banks Unclaimed Bank Accounts, CDs and Safe Deposit Boxes |
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FDIC - The Federal Deposit Insurance Corporation,
was created by the Banking Act of 1933 to administer insurance funds
responsible for protecting depositors from losses when banks fail. Participating banks and thrifts pay premiums to an FDIC insurance fund. When a bank fails, the FDIC pays depositors from the fund directly, or it may transfer funds to a successor bank. FDIC started 2008 with $45 billion in the insurance fund, but it can draw on a line of credit from the US Treasury, if necessary, as it did in 1991 to protect depositors in the aftermath the S&L crisis. There has been at least one failure every year since operations began, with more than 1,400 banks and 700 savings institutions closing between 1982 and 1992 alone. There have already been 19 failures this year including the largest ever, Washington Mutual with $182 billion in deposits. Prior to WaMu, the largest failure was Continental Illinois, with $30 billion in deposits. At least 117 other banks holding $78 billion in questionable assets are currently on the FDIC’s secret list of “problem institutions.” When a bank or savings and loan is ordered closed by government regulators, the FDIC is appointed Receiver, with responsibility for the payout of insured deposits and the liquidation of the institution's assets, which are then distributed to creditors. The FDIC is responsible for paying:
The FDIC provides written notice within 30 days to all insured depositors advising they must claim their deposit from FDIC, or if the deposit has been transferred to another institution, from that institution. A second notice is mailed after 15 months to those who have not responded. ◄ There are consequences for those who fail to promptly claim insured funds. Accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. In a worst case scenario, by statute, claims on accounts which go unclaimed for an extended period may be barred, and safe deposit boxes can be drilled and the contents eventually sold at auction. For specific claims information select a bank from the list. * The Emergency Economic Stabilization Act of 2008 temporarily increases deposit insurance to $250,000 from October 3, 2008, through December 31, 2009. |
| 2008 FDIC Insured Failed Banks | |
| Security Pacific Bank | |
| Franklin Bank | |
| Freedom Bank | |
| Alpha Bank & Trust | |
| Meridian Bank | |
| Main Street Bank | |
| Washington Mutual Bank | |
| Ameribank | |
| Silver State Bank | |
| Integrity Bank | |
| The Columbian Bank and Trust | |
| First Priority Bank | |
| First Heritage Bank, NA | |
| First National Bank of Nevada | |
| IndyMac Bank | |
| First Integrity Bank, NA | |
| ANB Financial, NA | |
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Consumer Alert |
Unclaimed FDIC Insured Deposits |
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Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ... |
| If an
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred. The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred. Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred. It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address. Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search |
| © 2008 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
